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Cyprus High-Risk Payment Processor Payabl Facilitates Offshore Broker VT Markets In Europe!

offshore broker VT Markets facilitated by Payabl
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VT Markets is an Australien multi-asset broker regulated by the ASIC. Moreover, VT Markets operates offshore entities in South Africa and St. Vincent & The Grenadines. It does not have a license to offer its financial services in the EEA jurisdictions. However, almost 40% of the website visitors are from EEA countries. The Spanish CNMV issued already a warning aginst the offshore broker. A significant portion of VT Markets customers’ deposits are settled through Cyprus-based Payabl via its PowerCash21 gateway. Here is an update.

VT Markets Update

VT Markets was part of the Australian Vantage Group until Q2 2022, when it was carved out (report here). The multi-asset and CFD broker VT Markets offers leverage of up to 1:500 in violation of regulatory requirements in EEA jurisdictions. Although VT Markets has no authorization in the EEA regions, it is no problem to register as an EEA resident. According to the latest Similarweb statistics, about 40% of VT Markets‘ website visitors come from EEA countries such as Italy, France or Switzerland.

An analysis of the web traffic shows that currently a significant part of the deposits of VT Markets customers seem to be facilitated via the Cypriot high-risk payment processor Payabl and its PowerCash21 gateway. Payabl, regulated by the Central Bank of Cyprus as a payment institution, was founded by former Wirecard executives Dietmar Knoechelmann and Ruediger Trautmann.

Deposits can only be made after the KYC process has been completed, which is compliant with the regulatory requirements. Payment options include bank transfers, credit and debit cards, fasapay, Neteller, crypto (Bitcoin and Tether) and Perfect Money.

VT Markets Key Data

BrandsVT Markets
Domainwww.vtmarkets.com
www.vtmarkets.com.au
www.vtmindo.com
Legal entitiesVT Global Pty Ltd, Australia
VT Markets Pty Ltd, Australia
VT Global South Africa (Pty) Ltd, South Africa
VT Markets LLC, St. Vincent & The Grenadines
Vigglobal Holding Cy Ltd, Cyprus
JurisdictionsUK, Australia, Vanuatu, Caymen Islands,
St. Vincent & The Grenadines
Authorizations ASIC for VT Global Pty Ltd (Australia)
FSCA for VT Global South Africa (Pty) Ltd (South Africa)
PlatformPandaTS (until recently)
Leverateup to 1:500
Payment options:Bank wire, credit/debit card,
crypto, wallets
Payment processorsfasapay, Neteller,
PerfectMoney, Payabl
Related individualsPedzai Mvere (LinkedIn)
WarningsCNMV

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If you have any information about VT Markets or Payabl, please let us know through our whistleblower system, Whistle42.

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